United States Medical Marijuana Market Forecast 2018-2022: Medical Cannabis Revenue will Overtake Recreational in the Next 4 Years - ResearchAndMarkets.com

The medical marijuana market is growing in the United States despite the
fact that the Food and Drug Administration (FDA) has not yet approved
any medical marijuana products. These marijuana-based products have not
yet passed through the rigorous tests and clinical trials required for
medical drug approvals in the United States. At the Federal level,
marijuana is still considered an illegal Schedule 1 drug. Individual
states, however, have laws in place for the legal use of medical
marijuana, and in some states, for the use of recreational marijuana.
Cannabidiol (CBD) products are also legally available in some US states
as well as in many other countries. The market generates a lot of money,
though much of that money is still considered a black market.

Many business segments are involved with the development of the medical
marijuana market. Some businesses directly touch the plant product, such
as growers, packers, transporters, and sellers. Other businesses operate
in the medical marijuana industry but do not touch the plant product,
including legal services, marketing and brand services, data and
analytical services, insurance participants and hardware or software
companies. The rules differ depending upon where a company stands
related to the marijuana plant. This is a very different model than is
in place for traditional pharmaceutical products.

The medical marijuana segment of the marijuana industry includes
marijuana plant products, CBD products, and synthetically derived
products targeting the cannabidiol receptors CB1 and CB2. There are
several synthetic products currently on the markets in many countries
other than the US. As a matter of fact, in Canada, not only is medical
marijuana approved for use on the national level, its use is covered by
Health Canada, the national government insurance plan.

In the US, medical marijuana use is increasing, as many more states have
approved it for use in several diseases. In addition, hundreds of
clinical trials are underway, testing products under the watchful eye of
the FDA. It has been reported in states where medical marijuana is
approved for use for the treatment of pain, there have reductions in the
use of opioid drugs. This decrease in opioid use may prove to be a
valuable mechanism to curb the current opioid epidemic in the US.

Legal uncertainty related to the use of medical marijuana has limited
big pharma investments into this space; however in non-US locations,
companies are more interested in pursuing this area of research and
development. Billions of dollars are being generated through this
market. It is a growing market drawing keen interest from physicians,
investors and regulators. Physician education will be crucial, as these
products gain approval, as cannabis was not a part of the medical
curriculum of many currently practicing physicians.